Oil and gas explorer Finder Energy has finished the book build on its $15 million initial public offering as the Western Australia-based company capitalises on soaring oil prices to raise capital to expand.in recent weeks as global efforts to sideline Russia after its invasion of Ukraine have limited supplies.
“The time is right to take Finder public and look to pursue a more aggressive growth strategy,” Damon Neaves, Finder Energy’s chief executive, told“In the past, when we’ve made discoveries, the capital spend just got too big for us and we have had to divest. As a public company, we want to stay in the game and go through appraisal and development. Things haven’t looked as bright for the sector since 2014.”Mr Neaves said the IPO had allowed the company to look for new prospects in the North Sea.
Finder’s next well will be Kanga-1, which is scheduled to spud in early May. The Kanga prospect is near existing oil fields in the heart of the Carnarvon Basin and has been independently assessed as having a 36 per cent chance of success. The Dorado field, tipped as one of the largest oil reserves in Australian territorial waters, has been targeted by Santos as a source of new growth.
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